A depressed housing market in Las Vegas offers opportunities for bad credit home-buyers.
As of May 2010, home prices in Las Vegas were down 60 percent from 2006, and more than 9,500 hundred homes sit empty. In 2010, Las Vegas homes are ripe for new buyers, even those with bad credit.
Target the Hardest-Hit areas
Hire a real estate professional familiar with Nevada foreclosure laws, and look for homes in areas where real estate investors want to quickly liquidate their holdings.
Look to the Federal Government
With the collapse of the subprime market, the Federal Housing Administration (FHA) offers incentives for banks to make loans to borrowers with less-than-perfect credit. FHA insures banks against default if the bank lends money for mortgages according to government standards. For example, past financial issues don't automatically disqualify a borrower from obtaining loans if he shows proof of improved financial management.
Talk to Banks and Brokers
A broker is better able to find a lender for you if you have credit problems, because she maintains relationships with multiple lenders. A bank, however, will only offer you its own products and may not advise you about what competitors can offer. Talk to several banks and brokers to get the best possible deal.
Improve your Credit Score
Improve your credit score. The Federal Trade Commission warns consumers that credit repair "takes time, a conscious effort, and sticking to a personal debt repayment plan."
Tags: Improve your, real estate
